Sunday, 27 February 2011

gulfnews : Insurance House reopens share sale doors in UAE

In what will be the first initial public offering (IPO) in the UAE in more than two and a half years, the Dh66 million IPO of Insurance House will open for subscription today, the company's principle founder Finance House said on Saturday.

The IPO, which closes on March 9, consists of 55 per cent of the company's authorised share capital of Dh120 million. The founder's share of capital of Dh54 million (or 45 per cent of capital) has been subscribed with Finance House taking 36 per cent of the company. The share price has been set at Dh1.00 per offer share with subscription fee of 3.5 fils per share. Insurance House shares are to be listed on the Abu Dhabi Securities Exchange (ADX) at a later stage.

"It's a small IPO that has a good chance of oversubscription. The success of the IPO will be critical to the recovery of the equity markets in the UAE," Mohammad Ali Yasin, Chief Investment Officer at CAPM Investment, told Gulf News by telephone.

No comments:

Post a Comment